Community Reinvestment Area (CRA)
We are excited to announce that the Village of Shreve now offers a Community Reinvestment Area!
IMPROVE SHREVE & SAVE On TAXES!
WHat is a Community Reinvestment Area?
A Community Reinvestment Area (CRA) is an area of land designated by a local government on which property owners can receive tax incentives for constructing new or renovating existing buildings.
The CRA Program permits municipalities, townships, or counties to designate areas where investment has been lagging to encourage revitalization. Residential, commercial, and industrial projects are all eligible.
The CRA can be awarded tax incentives up to 100% of real property taxes on the value of residential, commercial, or industrial improvements or construction for up to 15 years.
The Purpose of a CRA
Ohio’s CRA Program was created to promote revitalization by offering property tax exemptions for any increased property valuation that would result from renovation of existing structures or new construction activities within the area.
Preserve & build
The program is being used to encourage historic preservation, residential rehabilitation, or new residential construction and/or as an economic development tool to encourage commercial and industrial renovation or expansion and new construction.
Encourage Investment
The Village of Shreve's Community Reinvestment Area (CRA) is a powerful tool that encourages homeowners and business owners alike to invest in properties throughout our community, improving the Village for all of us! Join us as we continue to move Shreve forward!
How Does a CRA Actually work?
A Community Reinvestment Area or CRA empowers you to improve your home, rental property, or commercial/industrial building without paying more in taxes for a period of up to 10 years!
BEFORE
Current Tax Liabilities
After
Post-Improvement Tax Liabilities
What is the application process?
A Community Reinvestment Area or CRA empowers you to improve your home, rental property, or commercial/industrial building without paying more in taxes for a period of up to 10 years!
List of Services
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SUBMIT YOUR APPLICATIONList Item 3
The process all starts before your improvement project gets underway, with an application outlining the project, either residential or commercial,
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COMMITTEE REVIEW
The CRA Housing Committee will review your application to review the project scope and determine approval status.
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SIGNING & APPROVAL
Once the CRA Committee has met and approved your CRA Excemption, there will be some paperwork to sign, and the CRA Committee will file your exemption with the State.
Residential application
Simply download, and submit the following application for the Residential CRA Application for the Village of Shreve.
Commercial application
Simply download, and submit the following application for the Commercial CRA Application for the Village of Shreve.
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